'We have strict rules about the AUM targets which the funds didn't meet,' the spokesperson said, adding that performance was unrelated to the closure of the funds.

Union Investment also confirmed this week that it will be closing its long-running UniEuroRenta Absolute Return fund in mid 2013 due to a lack of volume. The fund, managed by Georg Kainhuber since 2004 currently has just under €70 million in assets.

The HSBC funds, launched in 2010, closed with less than €20 million each.

Eighty per cent of Alternative Ucits fund closures in the past three years took place in 2012, according to recent Citywire analysis.

Manager moves

HSBC manager Vis Nayar will take on a new role in investment research, Citywire can confirm.

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